APA Corp. price target lowered to $23 from $25 at Wells Fargo

Wells Fargo lowered the firm’s price target on APA Corp. (APA) to $23 from $25 and keeps an Equal Weight rating on the shares. The firm notes that FY25 U.S. oil production guidance and cost reduction targets fell short of investors’ expectations, while APA’s free cash flow/EV valuation remains relatively rich vs peers. Wells remains near-term cautious but recognizes the second half of 2025 potential if APA executes on its plans.